I urge every person of conscience to learn more about this. This is despicable.
Vulture fund companies are companies that buy up the debt of third world countries at very low prices and then sue for the full amount. Muckraking journalist Greg Palast has been following this issue for awhile now. I blogged about it first in February. Today, he was on Democracy Now! with Amy Goodman.
AMY GOODMAN: Greg Palast reporting. He joins us in studio now. Right now, where does it all stand, Greg. Who has the power and the damage that’s being done?
GREG PALAST: It’s all up to George Bush right now. This is what is driving the other members of the G8, that is, the incoming Prime Minister of Britain, Gordon Brown, has made this like number one priority. I mean, you have to understand, debt relief for Africa is real serious business for Europe. And about half – about half of the money for aid to Africa is being sucked up by these “Vultures” who are seizing the funds. It all comes down to George Bush. It’s also driving Congressman Conyers crazy. And he’s basically said, “Look. If Bush doesn't do the right thing, this is the next investigation. He just made a big splash with investigating the prosecutor firings. That ain't done yet. But as soon as that’s done, he moves right into “Vultures” if Bush doesn't act. Now what is it – what’s the deal with Bush? You see – under US – what’s happening is these “Vultures” are seizing the money from US bank accounts, principally. And George Bush can - of these poor nations. In other words, they’re given money to buy AIDS drugs, they have resources to, you know, for - basically earmarked for education, AIDS. They're sucking up the AIDS money. Bush can put a stop to it tomorrow morning. No one can sue a foreign government in the United States without the approval of the US government, in particular the President of the United States. Its under the Separations of Powers clause of our Constitution.
AMY GOODMAN: And what did Bush respond to, Conyers?
GREG PALAST: Well you know, it’s been the, he does that, you know: “I missed school that day. I don't know what’s going on.” You know, deer in the headlights. “I’ll check it out. I’ll do something about it.” Now, as you know, we had this dramatic situation, which both Congressman Conyers, the chairman, powerful chairman, and Don Payne, head of the Africa Committee, two powerful cats, were both heading to the White House for meetings, both of them listening to Democracy Now!. They both had the same idea: “We don't care what’s on the agenda with the President. This, the “Vultures” is what we have to talk about at – these billions of dollars. And, as Conyers said, until they heard the Democracy Now! report, a lot of members of Congress listen to this program! They had no idea that the money was being sucked up. They were voting for billions of dollars for Africa, and they didn’t know that Bush’s friends – now when I say Bush’s friends – you have to understand, the biggest single “Vulture Fund”, the biggest predator is, uh, operations owned by a guy named Paul Singer, who is the number one donor for George Bush and the Republican Party in New York. He’s also the big fund-raiser, he’s raising 10 million dollars for Rudy Giuliani. This isn’t the sidelight for this guy, this is the only way he makes money. So George Bush has to know that his big money is basically coming from kickbacks, from money taken from aid for Africa. If he didn't know before, Conyers and Payne, after hearing Democracy Now! put it right in his face. The reason is, they didn’t want they don't want the President to say “I don't know, it’s a lower-level thing.” The President knows. And the G8 members, personally. When I say G8 – these are the world leaders, Chancellor Merkel in Germany...
AMY GOODMAN: Did Bush do something about it at the G8 summit?
GREG PALAST: Um, I think he hid in the boy's room. He didn't come out when they were supposed to some discussions, you know. So it’s been this kind of, you know, duck and run operation.
Read the transcript here.